Big Gift to Help Purdue Affordability EffortsPosted: Updated:
Purdue University has announced an anonymous $5 million gift designed to help keep higher education affordable for in-state students. The donation could be leveraged to more than $9 million through matching elements. That includes a dollar-for-dollar match for the first-ever Purdue Day of Giving. February 17, 2014
WEST LAFAYETTE, Ind. - Purdue University President Mitch Daniels has announced a $5 million gift to enhance affordability for students from Indiana.
The gift, being given anonymously, will have matching components that ultimately could mean more than $9 million in scholarship and other support for affordability, a key part of the university's Purdue Moves action agenda.
Purdue froze tuition and cut food costs this academic year and has announced that tuition will remain unchanged for at least the next two years.
"One of our university's central goals is assuring that a Purdue education is affordable," Daniels said. "This generous donor understands how important this issue is and has stepped forward not only with money but also a challenge designed to motivate others to join us in this effort."
Purdue Moves is a range of initiatives designed to broaden Purdue's global impact and enhance educational opportunities for its students.
Of the gift's $5 million, $3.75 million will create a Purdue Affordability Scholarship Challenge. The dollar-for-dollar match brings the potential for $7.5 million in new endowed scholarship support. Gifts from $25,000 to $250,000 will be matched.
The scholarships will go to Indiana students based on financial need.
Another $500,000 will be used as a dollar-for-dollar match as part of the first-ever Purdue Day of Giving, to be held April 30. That match is capped at $25,000.
The money will support the President's Student Affordability and Accessibility Fund. The fund is used to help Purdue meet its needs during the current tuition freeze.
"With the help of faculty, staff and many friends of Purdue, we have been able to use the Student Affordability and Accessibility Fund to keep tuition level," Daniels said.
The Purdue Day of Giving will be a 24-hour, university-wide online fundraising event combining personal contact and social engagement. Nearly 40 campus units will participate in the Day of Giving.
The remaining $750,000 of the donor's gift will go to an existing endowment. Source: Purdue University